Core Lithium (CXO) Study Result summary

Strategic reset and project overview

• Restart study repositions the project with a 20-year mine life and AUD 1.2 billion in free cash flow, supported by a cost base in the global lowest quartile and reserve-backed tons.

• The project is capital-efficient, requiring AUD 175–200 million in pre-production CapEx, with all major approvals, existing plant, and the largest landholding in the Bynoe pegmatite field.

• Resources stand at 48.5 million tons at 1.26% lithium, with significant measured and indicated confidence; first 10 years of mining are 94% reserve-backed.

• Nameplate capacity increases to 1.2 million tons per annum, producing around 205,000 tons of SC6 equivalent.

• The project benefits from proximity to Darwin (88 km), sealed roads, and direct port access, minimizing logistics costs.

Operational improvements and cost reductions

• Transition to underground mining reduces costs, increases grade consistency, and extends mine life, especially at BP33 and Grants.

• Plant throughput lifted by 20%, recoveries improved, and both mining and processing unit costs significantly reduced.

• Operating costs estimated at AUD 690–785 per ton FOB, placing the project in the lowest global cost quartile.

• Ownership of the crushing circuit halves prior costs and removes contractor reliance, enhancing scalability and operational control.

• Mining costs reduced from AUD 120/ton to AUD 60–70/ton through optimized mine planning and leveraging ore body geometry.

Sustainability, ESG, and community impact

• Project will generate around AUD 400 million in royalties and create 400 additional jobs over its life.

• No new tailings dams or lifts required due to existing infrastructure and adoption of dry stack tailings.

• Underground mining reduces surface footprint and improves ESG outcomes.

• Strong environmental performance and community benefits are emphasized.